The reduction of the Bank of Zambia’s (BoZ) Monetary Policy Rate (MPR) from 13.25 percent to 10.75 percent is likely to result in lower mortgage rates as the reduction trickles to commercial banks. Speaking in an interview with the Zambian Business Times – ZBT, Economist Trevor Hambayi said the MPR serves as a benchmark for financial institutions when determining lending rates, including rates charged on mortgages. “The Central Bank issues out the monetary policy rate, which is the benchmark under which financial institutions are able to determine the lending rates, and yes, it includes mortgages,” he said. Hambayi, however, noted...
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